Timer cancellations are related to server actions that are launched when an event happens. In event processing policy you can configure an action that is executed and set execution delay (in seconds). When event happens, the action will be scheduled. To be able to cancel this particular action we need to mark it somehow. This is done with timer key. This field can have macro fields in it, so e.g. for every node or node-dci combination, etc this field can be unique.
Then we can have another record in event processing policy that can have timer cancellation action. It has the same timer key. If that happens before the timeout goes out, the scheduled action will be cancelled. If not, the action will happen.
Then we can have another record in event processing policy that can have timer cancellation action. It has the same timer key. If that happens before the timeout goes out, the scheduled action will be cancelled. If not, the action will happen.